Daily Reading – Monday, July 11, 2011

FT Alphaville: What are gold fund outflows really saying?

“If you want to buy cheap gold and silver, what do you do? You simply look for any above ground stores, i.e. SLV or GLD and you go and buy 50,000 shares of SLV , for example, and then you literally redeem them for a Comex price. Where else can you get above ground silver or discounted paper prices in size? A lot of analysts have been saying “look how negative this is” when in fact it’s the exact opposite. That metal is moving into some very strong hands and disappearing into vaults in the eastern hemisphere.”

FT Alphaville: China’s stagflation question

You wouldn’t want to be a Chinese local government official, just now…

FT Alphaville: An awful June employment report: payrolls up 18,000…

… and unemployment rises to 9.2 per cent.

The Big Picture: The rug isn’t big enough

The rug is turning out to be not big enough to hold all the problems that Europe has been trying to sweep underneath it as not only are European officials possibly going to throw in the towel on the uninspiring voluntary debt rollover by agreeing to a more enhanced debt restructuring for Greece (ECB be damned), Italy continues to get sucked in to the market scrutiny of who has too much debt and not enough growth.

The Big Picture: Organizational Charts In Major Tech

Manu Cornet caricaturizes org charts of major tech companies, such as Amazon with its top-down structure and Google with its slightly less structured structure.

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